ITAT India Rules Crypto as Capital Assets for Taxation
In a major ruling, the Income Tax Appellate Tribunal (ITAT) has clarified that cryptocurrencies, including Bitcoin and Ethereum, will be treated as capital assets for taxation in India.
This decision is a game-changer for crypto investors, offering clear guidance on how profits from crypto sales should be taxed, particularly for transactions that occurred before 2022, reported by CNBC.
The ITAT’s ruling establishes that profits from cryptocurrency sales will be classified as capital gains, not income from other sources. This means that profits made from selling crypto before 2022 will be taxed at capital gains rates, which are usually lower than income tax rates.
For those who held crypto for over three years, the profits will qualify…
